FameEX Hot Topics | Expansion of Crypto Assets and Cyber Unit pursued by US SEC

Regulators in the United States have been increasingly scrutinizing the crypto space in the past year, with the Securities and Exchange Commission (SEC) at the forefront of the effort. In light of the recent FTX demise and Silicon Valley Bank collapse, the SEC has posted job openings on the official government careers website for general attorneys in New York, San Francisco, and Washington D.C. for its Crypto Assets and Cyber Unit in the Division of Enforcement. The job responsibilities include conducting complex and fast-moving investigations into crypto-asset securities and cyber issues. The attorneys will also draft subpoenas or document requests, question witnesses through interviews, evaluate evidence, and more.

This announcement follows SEC Chair Gary Gensler's request for nearly $2.4 billion in funding for the purpose of chasing down crypto "misconduct" on March 29. Local regulators also plan to introduce new taxes targeted towards the industry. This has some insiders worried that the regulations will "choke" the sector and prevent innovation.

The recent closure of the Beaxy cryptocurrency exchange is an example of the SEC's increasingly aggressive stance. The SEC filed multiple charges against the company's founder, which ultimately led to its shuttering. Additionally, Japan-based Sushi DAO is currently facing a subpoena from the SEC.
However, not all regulators agree with the SEC's approach. Representative Tom Emmer criticized Gensler and questioned his methods of industry oversight. Emmer called Gensler a "bad faith regulator," which indicates a lack of trust in Gensler's intentions.

While the SEC's intentions are to protect investors and prevent fraud, their increased pressure on the crypto space is causing concern among some industry insiders. As the regulatory environment continues to evolve, it remains to be seen how this will impact the growth and development of the crypto industry in the United States.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.